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Strategies & Market Trends : Technical analysis for shorts & longs -- Ignore unavailable to you. Want to Upgrade?

To: Johnny Canuck who wrote (45024)	10/3/2008 6:27:11 AM
From: Johnny Canuck	Read Replies (1) \| Respond to of 70964

10:22AM Commercial paper market shrinks 5.6% in past week by Rex Nutting WASHINGTON (MarketWatch) -- Outstanding volumes of commercial paper fell by 5.6%, or a record $94.9 billion, to $1.62 trillion in the past week, the Federal Reserve reported Thursday. The short-term debt issued by the financial industry plunged by $64.9 billion, or 8.7%, in the last week and fell by $120.6 billion in September. The decline is worrying, said Tony Crescenzi, chief bond market strategist for Miller Tabak & Co., because it's affecting a broader group of companies than the 2007 credit squeeze did. "A continuation of this trend would be problematic for the economy, as the commercial paper market is where entities go to raise working capital to produce goods and services," he wrote. 10:12AM Freddie Mac: 30-year fixed-rate mortgage average up slightly (FRE) by Wallace Witkowski SAN FRANCISCO (MarketWatch) -- Freddie Mac (FRE) said Thursday the 30-year fixed-rate mortgage average rose slightly from a week ago. The average was 6.10% with an average 0.6 point for the week ending Oct. 2, compared with 6.09% last week. A year ago, the average was 6.37%. "Average mortgage rates were nearly unchanged during the past week, leaving rates above the levels of two weeks ago," said Frank Nothaft, Freddie Mac chief economist, in a statement. "Reflecting the rate uptick from two weeks ago, the Mortgage Bankers Association reported that loan applications were down 23 percent last week." 8:59AM InterContinental Hotels shares down after Marriott warning (IHG, UK:IHG, MAR) by Sarah Turner LONDON (MarketWatch) -- Shares in InterContinental Hotels (UK:IHG)(IHG) fell 3.2% in London on Thursday after Marriott Hotels (MAR) issued a profit warning. "Marriott's profit warning has a direct negative read-across to IHG," said analysts at Evolution Securities. They noted Marriott's forecasts for a 3% to 5% drop in fourth quarter RevPar and a 3% fall at best for 2009 RevPar. InterContinental generates 70% of its earnings before interest and tax from the Americas, they noted. "Our IHG forecasts as we are towards the bottom of market consensus but we would expect consensus to continue to fall," they added. 8:57AM Southwest Airlines reports 5.9% decline in September traffic (LUV) by Michelle Donley NEW YORK (MarketWatch) -- Southwest Airlines Co. (LUV) said Thursday that traffic in September fell 5.9% and capacity rose 0.8% compared with the same month a year ago. Load factor, or the percentage of the plane filled with passengers, fell to 63.4% from 67.9%, the carrier said. 8:57AM Trichet: ECB Council discussed possible rate cut by William L. Watts LONDON (MarketWatch) -- The European Central Bank's rate-setting Governing Council discussed the possibility of a rate cut at its meeting Thursday, but decided unanimously to hold interest rates steady, ECB President Jean-Claude Trichet said at his monthly news conference. The ECB left its key rate at a seven-year high of 4.25%, where it has stood since a quarter-point rate hike in July. The euro moved below the $1.3800 level against the U.S. dollar after Trichet's remarks. 8:53AM ConocoPhillips sees lower natural gas and oil prices (COP) by John Ittner NEW YORK (MarketWatch) -- ConocoPhillips (COP) said Thursday that it sees lower prices for crude and natural gas in the third quarter and refining margins falling worldwide. Oil production is forecast to be the same, or somewhat lower, compared to the second quarter. It also expects a falling capacity utilization for refineries. Impact from hurricanes is expected to cost about $200 million after taxes in the third quarter.